Charting Stocks

Citigroup has suspended mortgage applications at a unit which produced nearly $58 billion (half of the their mortgage business)  after the bank discovered that  income verifications and property appraisals were ‘missing.’ Other missing information includes employment verifications, phone numbers, credit reports and rent verification.
In a letter to clients, Citigroup stated that the division has stopped [...]

Financial stocks are beginning to show signs of weakness with Citigroup (NYSE: C) looking the most vulnerable.
Citigroup stock (chart below) was the first in this group to break their previous uptrend line. With RSI under 50 and the MACD indicator turning negative, it appears that Citi may be under some pressure in the coming weeks.

The US government issued approval for 10 of the nations largest banks to pay back the TARP money.  The banks are:

It was only a month ago when Citigroup CEO Vikram Pandit assured the public that his troubled bank was “Profitable” for the first 2 months of 2009. The news sparked an immediate rally which lifted the oversold stock market from its March lows. We, at Charting Stocks, did not share in the new found optimism [...]

What a wild ride these past few weeks have been. Only a month or so ago the Dow Jones Industrial Average traded down to 6,500 amid an onslaught of catastrophic economic news. The market has since rallied 25% from its low with insolvent banks such as Citigroup and Bank of America quadrupling in value. Jim [...]

The once over-sold stock market has rallied for the past couple of weeks. This rally, though fresh in all of our minds, is not much different in time, or magnitude, than the previous upward corrections throughout this bear market.

News of a leaked memo by Nationalized Citigroup CEO Vikrim Pandit sent the markets soaring 5% today. The memo states that Citi is profitable for the year. We’ll wait and see if Mr. Pandit’s optimism makes its way to the company’s next earnings release. Judging by previous and similar such statements by Citigroup’s CEO, we [...]

The markets jumped early in the trading day in a move  led by a “Leaked” memo by Nationalized Citigroup CEO Vikram Pandit which was sent to employees stating that the troubled bank was profitable in the first 2 months of 2009. He went on to describe their capital position as “Strong.”
The market, which was extremely [...]

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Shares of Citigroup “Broke the buck” today trading down below $1/share, the lowest in the history of the company. The stock traded at a high of $57 only 15 months ago and hit a low of 97 cents today.
Two weeks ago we warned that Citigroup and Bank of America would be taken over by the [...]